Regions using AI to make most of customer feedback

  • “A text analytics tool Regions developed internally in the spring called rVoice consolidates the feedback and uses natural language processing as well as the bank’s institutional knowledge of its customers to derive insights that are organized into a dashboard view. (Chief Digital Officer Andy Hernandez)
  • The Citizens Listens platform, which it built with the experience management company Medallia, automatically sends a survey to customers after a transaction or an advice-driven conversation and uses text analytics to assess how well Citizens met their needs. (Beth Johnson, executive vice president, chief experience officer)
  • Wells Fargo has built an AI system it calls Advanced Listening that lets customers communicate through the channel of their choice — phone call, email, text, survey response, online banking interaction — and listens to or analyzes every interaction.”

Noted banking analyst Mike Mayo says 2020 will begin the ‘golden decade of banks and technology’

“This is the golden decade of banks and technology,” Mayo said Monday in an appearance on CNBC’s “Fast Money.” “Tech is the enabler. It’s going to take banks on this multiyear trend of improving efficiency, better returns with a lower-risk profile that’s still being underappreciated by the Street.”

Image credit: Adam Jeffery | CNBC

Wells Fargo: Automation Will Displace 200k Banking Jobs In the Next Decade

  • “Automation will displace 200,000 jobs in the banking industry in the next 10 years, according to Wells Fargo.
  • “The next decade should be the biggest decade for banks in technology in history. You’re about to see the biggest capital for labor swap in history,” Wells Fargo analyst Mike Mayo told Yahoo Finance.”

How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

“Chuck Monroe, head of AI enterprise solutions for Wells Fargo. “We’re using AI to go through and look across the internet, including the deep dark web, [for] signals that would apply to a particular AML situation,” Monroe said in a recent interview with PYMNTS. “There are lots of opportunities in the AML space to leverage AI to look much [deeper], because no human could do that level of investigation.”

How Wells Fargo Uses AI, Biometrics To Fight Money Laundering

“’The fact that [customers are] connected to the internet of things opens the door to the broader spectrum of payment activity. That allows us to do is to build deeper profiles, [which AI can use] to better predict if [a transaction] is something [the customer] would do,’ Monroe said.

This influx of new data means banks must look beyond authenticating login credentials. Users’ payment histories, how they hold their phones and type in their passwords, as well as other factors should be considered during the authentication process.”